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SINGAPORE: Former Hyflux CEO Olivia Lum Ooi Lin has been charged with extra offences for failing to train cheap diligence within the discharge of her duties as a director in relation to the approval of the discharge of Hyflux’s unaudited monetary statements for the third quarter and 9 months ended 30 September 2017, monetary yr ended 31 December 2017, and first quarter monetary statements for the interval ended 31 March 2018.
Ms Lum faces three fees underneath the Firms Act by the Business Affairs Division (CAD) of the Singapore Police Drive, the Financial Authority of Singapore (MAS), and the Accounting and Company Regulatory Authority (ACRA), following additional investigations.
The costs relate to Hyflux’s failure to reveal US$114.5m (roughly S$153.5m) price of financial institution deposits that Hyflux had undertaken to not withdraw, as restricted financial institution balances.
Ms Lum additionally faces two earlier fees for disclosure-related offences underneath the Securities and Futures Act (SFA) and one cost for failure to make sure Hyflux’s compliance with accounting requirements underneath the Firms Act. If convicted, she may face imprisonment, fines, or each.
As well as, Hyflux impartial director Lee Joo Hai has been charged with one rely of part 203(2) learn with part 331(1) of the SFA for negligence in reference to Hyflux’s failure to reveal info regarding the Tuaspring Built-in Water and Energy Mission.
Lee had left Singapore previous to the graduation of the probe and was arrested in Malaysia on 12 March with help from the Royal Malaysia Police.
The accused individuals face imprisonment, fines, or each if convicted. The auditors of Hyflux from KPMG LLP have additionally been issued orders in opposition to by the Public Accountants Oversight Committee (PAOC), which administers ACRA’s Follow Monitoring Programme underneath the Accountants Act, in relation to the related monetary statements for the monetary years ended between 2013 and 2017.
The police have stated that they can not disclose additional info presently attributable to ongoing civil proceedings associated to the matter. /TISG
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